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Fluence Energy, Inc., through its subsidiaries, provides energy storage and optimization software for renewables and storage applications in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. It sells energy storage products with integrated hardware, software, and digital intelligence. The company's energy storage products include Gridstack Pro, a large-scale front-of-the-meter application; Gridstack, a front-of-the-meter application; Ultrastack for critical system requirements of distribution and transmission networks; Smartstack, a split architecture design, incorporating embedded intelligence and higher energy density compared to traditional AC systems. The company also provides operational and maintenance services; and digital applications. It serves independent power producers, developers, conglomerates, utilities/load-serving entities, and commercial and industrial customers. Fluence Energy, Inc. was founded in 2018 and is headquartered in Arlington, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.3B | $-17M | $-48M | $-175M | -11.2% | -16.1% | -312.7% |
| 2024 | $2.7B | $41M | $23M | $61M | 4.8% | 21.7% | -132.6% |
| 2023 | $2.2B | $-102M | $-70M | $-124M | -17.3% | 85.0% | -33.4% |
| 2022 | $1.2B | $-276M | $-104M | $-290M | -24.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,198.60 | 2,217.98 | 2,698.56 | 2,262.83 |
| Operating Revenue | - | 1,198.60 | 2,217.98 | 2,698.56 | 2,262.83 |
| Cost Of Revenue | - | 1,260.96 | 2,077.02 | 2,357.48 | 1,967.04 |
| Gross Profit | - | -62.35 | 140.96 | 341.08 | 295.79 |
| Operating Expense | - | 221.17 | 253.56 | 314.46 | 342.12 |
| Research And Development | - | 60.14 | 66.31 | 66.19 | 86.22 |
| Selling General And Administration | - | 153.92 | 177.42 | 236.84 | 242.56 |
| Total Expenses | - | 1,482.12 | 2,330.59 | 2,671.94 | 2,309.17 |
| Operating Income | - | -283.52 | -112.61 | 26.62 | -46.34 |
| EBITDA | - | -276.41 | -101.94 | 41.10 | -16.99 |
| Normalized EBITDA | - | -276.41 | -101.94 | 41.10 | -16.99 |
| EBIT | - | -283.52 | -112.61 | 26.62 | -46.34 |
| Interest Income | - | 0.33 | 5.39 | 5.68 | - |
| Interest Expense | 1.44 | 2.02 | - | - | - |
| Net Interest Income | - | 0.33 | 5.39 | 5.68 | -4.11 |
| Other Non Operating Income Expenses | - | -4.62 | 6.95 | 7.28 | 5.38 |
| Other Income Expense | - | -4.62 | 6.95 | 7.28 | 5.38 |
| Interest Income Non Operating | - | 0.33 | 5.39 | 5.68 | - |
| Interest Expense Non Operating | 1.44 | 2.02 | - | - | - |
| Net Non Operating Interest Income Expense | - | 0.33 | 5.39 | 5.68 | -4.11 |
| Pretax Income | - | -287.82 | -100.27 | 39.57 | -45.07 |
| Tax Provision | - | 1.36 | 4.55 | 9.21 | 22.92 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -289.18 | -104.82 | 30.37 | -67.99 |
| Net Income From Continuing And Discontinued Operation | - | -104.48 | -69.62 | 22.72 | -48.31 |
| Net Income From Continuing Operation Net Minority Interest | - | -104.48 | -69.62 | 22.72 | -48.31 |
| Net Income | - | -104.48 | -69.62 | 22.72 | -48.31 |
| Net Income Common Stockholders | - | -104.48 | -69.62 | 22.72 | -48.31 |
| Net Income Including Noncontrolling Interests | - | -289.18 | -104.82 | 30.37 | -67.99 |
| Normalized Income | - | -104.48 | -69.62 | 22.72 | -48.31 |
| Diluted NI Availto Com Stockholders | - | -104.48 | -69.62 | 22.72 | -48.31 |
| Basic Average Shares | - | 69.71 | 116.45 | 126.18 | 130.31 |
| Diluted Average Shares | - | 69.71 | 116.45 | 184.03 | 130.31 |
| Reconciled Depreciation | - | 7.11 | 10.66 | 14.48 | 29.34 |
| Reconciled Cost Of Revenue | - | 1,260.96 | 2,076.19 | 2,354.43 | 1,951.05 |
| Minority Interests | - | 184.69 | 35.20 | -7.65 | 19.68 |
| Depreciation Amortization Depletion Income Statement | - | 7.11 | 9.84 | 11.43 | 13.35 |
| Depreciation And Amortization In Income Statement | - | 7.11 | 9.84 | 11.43 | 13.35 |
| General And Administrative Expense | - | 116.71 | 136.31 | 173 | 163.07 |
| Other Gand A | - | 116.71 | 136.31 | 173 | 163.07 |
| Total Other Finance Cost | - | - | -5.39 | -5.68 | 4.11 |
| Selling And Marketing Expense | - | 37.21 | 41.11 | 63.84 | 79.49 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fluence Energy, Inc.this co. | FLNC | $5.0B | -103.57 | 11.65 | -11.2% | -276.81 |
| Southwest Gas Holdings, Inc. | SWX | $6.3B | 14.34 | 1.59 | 11.1% | 10.69 |
| Portland General Electric Company | POR | $5.7B | 18.79 | 1.39 | 7.4% | 9.09 |
| New Jersey Resources Corporation | NJR | $5.5B | 16.42 | 2.30 | 14.0% | 12.47 |
| Black Hills Corporation | BKH | $5.5B |
| - |
| - |
| - |
| - |
| - |
| 18.77 |
| 1.43 |
| 7.6% |
| 11.98 |
| Brookfield Infrastructure Corporation | BIPC | $5.1B | - | - | 18.6% | 6.17 |
| ONE Gas, Inc. | OGS | $4.9B | 18.36 | 1.41 | 7.7% | 10.51 |
| Spire Inc. | SR | $4.8B | 17.65 | 1.52 | 8.6% | 11.95 |
| NorthWestern Energy Group, Inc. | NWE | $4.3B | 23.64 | 1.48 | 6.3% | 13.13 |
| Peer Median | - | 18.36 | 1.48 | 8.2% | 11.32 | |